Title: Note 4: Federal Student Loan Programs
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the Federal
grant activity of Loyola University New Orleans (the University) and is presented on the accrual basis
of accounting. The information in this schedule is presented in accordance with the requirements of
Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost
Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Federal direct programs
are presented by Federal department and by individual Federal awards. Federal pass through
programs are presented by the entity through which the University received the Federal financial
assistance. 'Expenditures for Federal student financial aid programs are recognized as incurred and include Pell
program grants to students, the Federal share of students’ FSEOG program grants and the Federal
share of FWS program earnings, loan disbursements, and administrative cost allowances, where
applicable. An administrative cost allowance associated with expenditures related to Federal Work
Study and Federal SEOG Grants is included in the Schedule for each program, where applicable.
De Minimis Rate Used: Y
Rate Explanation: The University does utilize the 10% de minimus indirect cost rate allowed under the Uniform
Guidance.
During the fiscal year ended July 31, 2023, the University processed new loans of $44,146,922 under
the Federal Direct Student Loans, Assistance Listing 84.268. Under Federal Direct Student Loans,
loans are provided to eligible borrowers and parents directly by the Federal government. As of July
31, 2023, the total outstanding Perkins loan balance totaled $712,757; in accordance with the
requirements of the Uniform Guidance 2023 Compliance Supplement, this amount of outstanding
loans is reported in the Schedule. No new Perkins loans were processed during the fiscal year ended
July 31, 2023.
The HRSA Nurse Faculty Loan Program balance totaled $368,499. No new Nurse Faculty loans were
processed during the fiscal year ended July 31, 2023.
Title: Note 5: Other Awards
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the Federal
grant activity of Loyola University New Orleans (the University) and is presented on the accrual basis
of accounting. The information in this schedule is presented in accordance with the requirements of
Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost
Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Federal direct programs
are presented by Federal department and by individual Federal awards. Federal pass through
programs are presented by the entity through which the University received the Federal financial
assistance. 'Expenditures for Federal student financial aid programs are recognized as incurred and include Pell
program grants to students, the Federal share of students’ FSEOG program grants and the Federal
share of FWS program earnings, loan disbursements, and administrative cost allowances, where
applicable. An administrative cost allowance associated with expenditures related to Federal Work
Study and Federal SEOG Grants is included in the Schedule for each program, where applicable.
De Minimis Rate Used: Y
Rate Explanation: The University does utilize the 10% de minimus indirect cost rate allowed under the Uniform
Guidance.
In 1999, the University received awards from the National Endowment for the Humanities – NEH
Challenge Grant in the amount of $500,000. Monies were used to establish an endowment and final
payment was received in 2005. As of July 31, 2023, the $500,000 remains in the corpus of the
endowment.
Title: Note 6: Amount Recevied for Expenditures in a Prior Year
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the Federal
grant activity of Loyola University New Orleans (the University) and is presented on the accrual basis
of accounting. The information in this schedule is presented in accordance with the requirements of
Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost
Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Federal direct programs
are presented by Federal department and by individual Federal awards. Federal pass through
programs are presented by the entity through which the University received the Federal financial
assistance. 'Expenditures for Federal student financial aid programs are recognized as incurred and include Pell
program grants to students, the Federal share of students’ FSEOG program grants and the Federal
share of FWS program earnings, loan disbursements, and administrative cost allowances, where
applicable. An administrative cost allowance associated with expenditures related to Federal Work
Study and Federal SEOG Grants is included in the Schedule for each program, where applicable.
De Minimis Rate Used: Y
Rate Explanation: The University does utilize the 10% de minimus indirect cost rate allowed under the Uniform
Guidance.
Revenue was received from the following grant program for amounts expended in prior years. These
amounts received have not been reported on a previous Schedule of Federal Expenditures.
Federal Grantor/Program or Cluster
Title
ALN Amount
Received
2023 Federal
Expenditures
PY Federal
Expenditures
Department of Homeland Security:
COVID‐19 Disaster Assistance 97.036 92,816 ‐ 92,816
Disaster Assistance ‐ Hurricane Ida 97.036 1,302,833 ‐ 1,302,833
Title: Note 7: Federally Funded Insurance
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the Federal
grant activity of Loyola University New Orleans (the University) and is presented on the accrual basis
of accounting. The information in this schedule is presented in accordance with the requirements of
Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost
Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Federal direct programs
are presented by Federal department and by individual Federal awards. Federal pass through
programs are presented by the entity through which the University received the Federal financial
assistance. 'Expenditures for Federal student financial aid programs are recognized as incurred and include Pell
program grants to students, the Federal share of students’ FSEOG program grants and the Federal
share of FWS program earnings, loan disbursements, and administrative cost allowances, where
applicable. An administrative cost allowance associated with expenditures related to Federal Work
Study and Federal SEOG Grants is included in the Schedule for each program, where applicable.
De Minimis Rate Used: Y
Rate Explanation: The University does utilize the 10% de minimus indirect cost rate allowed under the Uniform
Guidance.
The University has no federally funded insurance for the year ended July 31, 2023.
Title: Note 8: Noncash Assistance
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the Federal
grant activity of Loyola University New Orleans (the University) and is presented on the accrual basis
of accounting. The information in this schedule is presented in accordance with the requirements of
Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost
Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Federal direct programs
are presented by Federal department and by individual Federal awards. Federal pass through
programs are presented by the entity through which the University received the Federal financial
assistance. 'Expenditures for Federal student financial aid programs are recognized as incurred and include Pell
program grants to students, the Federal share of students’ FSEOG program grants and the Federal
share of FWS program earnings, loan disbursements, and administrative cost allowances, where
applicable. An administrative cost allowance associated with expenditures related to Federal Work
Study and Federal SEOG Grants is included in the Schedule for each program, where applicable.
De Minimis Rate Used: Y
Rate Explanation: The University does utilize the 10% de minimus indirect cost rate allowed under the Uniform
Guidance.
The University did not receive any federal non‐cash assistance for the fiscal year ended July 31, 2023.